The sustained momentum reflects steady retail participation through systematic routes, even as equity fund inflows moderated during the month.
Equity mutual fund inflows stood at ₹24,671 crore, down 19% from ₹30,405 crore in September, while the mutual fund industry’s total assets under management (AUM) increased to ₹79.87 lakh crore from ₹75.61 lakh crore a month earlier.
Anthony Heredia, MD & CEO of Mahindra Manulife Mutual Fund, said that although net equity flows have declined since July, gross flows remain consistent at around ₹60,000–65,000 crore.
“As markets have been volatile and range-bound, some investors are booking profits, leading to marginally higher redemptions. There is also a reallocation of investor interest from traditional equity funds to hybrid products such as multi-asset schemes and gold ETFs,” he said.
Heredia added that the decline in net flows was influenced by temporary factors, including liquidity absorbed by recent IPOs, and that industry flows have shown signs of stabilizing in November.
Sandeep Bagla, CEO of TRUST Mutual Fund, noted that SIP contributions are a more accurate reflection of retail investor participation, which continues to rise.
“SIP flows, at around ₹29,500 crore, are increasing steadily, driven by the digital mutual fund ecosystem and distributors. The non-SIP portion—driven largely by high-net-worth investors—tends to shift between NFOs, IPOs, gold, silver, or real estate. Those flows are non-core and fluctuate more frequently,” he said.
Bagla added that strong SIP numbers indicate stable retail participation, while movements in non-SIP inflows are influenced by short-term opportunities and product launches.